|
Report Date : |
01.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
GENFAR SA |
|
|
|
|
Registered Office : |
Calle 20A No.44-70, Piso 7, Zona Industrial Puente Aranda,
Bogota |
|
|
|
|
Country : |
Colombia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
17.12.1997 |
|
|
|
|
Com. Reg. No.: |
00011974 |
|
|
|
|
Legal Form : |
Stock Company |
|
|
|
|
Line of Business : |
Subject is engaged in the manufacture and trade of
pharmaceutical products for human and veterinary use |
|
|
|
|
No. of Employees : |
1051 (on average) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES
:
Any query related to this report
can be made on e-mail: infodept@mirainform.com while quoting report
number, name and date.
ECGC Country Risk Classification List – March 31st,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Colombia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
COLOMBIA - ECONOMIC OVERVIEW
Colombia's consistently sound economic policies and aggressive promotion of free trade agreements in recent years have bolstered its ability to face external shocks. Real GDP has grown more than 4% per year for the past three years, continuing almost a decade of strong economic performance. All three major ratings agencies have upgraded Colombia's government debt to investment grade. Nevertheless, Colombia depends heavily on oil exports, making it vulnerable to a drop in oil prices. Economic development is stymied by inadequate infrastructure, weakened further by recent flooding. Moreover, the unemployment rate of 10.3% in 2012 is still one of Latin America's highest. The SANTOS Administration's foreign policy has focused on bolstering Colombia's commercial ties and boosting investment at home. The US-Colombia Free Trade Agreement (FTA) was ratified by the US Congress in October 2011 and implemented in 2012. Colombia has signed or is negotiating FTAs with a number of other countries, including Canada, Chile, Mexico, Switzerland, the EU, Venezuela, South Korea, Turkey, Japan, China, Costa Rica, Panama, and Israel. Foreign direct investment - notably in the oil and gas sectors - reached a record $10 billion in 2008 but dropped to $7.2 billion in 2009, before beginning to recover in 2010, and reached a record high of nearly $16 billion in 2012. Colombia is the third largest Latin American exporter of oil to the United States, and the United States' largest source of imported coal. Inequality, underemployment, and narcotrafficking remain significant challenges, and Colombia's infrastructure requires major improvements to sustain economic expansion.
|
Source : CIA |
|
COMPANY NAME |
GENFAR SA |
|
TAX ID TYPE |
NIT |
|
TAX ID NUMBER |
817001644-1 |
|
CURRENT STATUS |
Active |
|
MAIN ADDRESS |
Calle 20A No.44-70, Piso 7, Zona Industrial Puente Aranda |
|
CITY/PROVINCE/STATE |
Bogota |
|
PHONE NUMBER (S) |
(57-1) 368.0077 / 368.7958 |
|
FAX NUMBER |
(57-1) 368.3850/368.7983 |
|
E-MAIL |
jmoreno@genfar.com |
|
WEB SITE |
www.genfar.com |
|
COMMENTS OF IDENTIFICATION.- |
Another e-mail address: atrujillo@genfar.com This report
was ordered with address: Km 43 Via Panamericana, Parque Ind. Caucadesa,
Villarica, Cauca, Colombia; which is actually the address of subject's plant
and business premises. Please notice that subject's main offices are located
at the address shown in caption. |
|
BOARD
OF DIRECTORS-EXECUTIVES-SHAREHOLDERS |
||
|
NAME |
JOB TITLE |
% STAKE |
|
MOLANO MORALES, MARIO |
President/General Manager/Legal Representative |
|
|
CARO RODRIGUEZ, JOSE VICENTE |
Deputy Legal Rep. |
|
|
GARCIA BORRERO, JUAN MANUEL |
Deputy Legal Rep. |
|
|
LOPEZ BUENDIA, CAMILO ANDRES |
Director |
|
|
BOTERO SALAZAR, GONZALO |
Director |
|
|
CRUZ GRACA, RONALD JOSE |
Director |
|
|
REPREZ VELASCO, ADOLDO ANDRES |
Director |
|
|
BARROS, JOAQUIN |
Commercial Director |
|
|
GOMEZ LLANO, RAUL MARIO |
Regional Manager |
|
|
PARSO DE DELGADO, REINA |
Tax Inspector |
|
|
MORENO SUAREZ, JOSE EDUARDO |
Accountant |
|
|
MOLANO MORALES, MARIO |
||||
|
Colombian , ID, 19.086.654 , Married,. |
||||
|
Position |
Name |
Country |
Tax id Number |
Year |
|
Social Communications Manager |
ALIANZA GRAFICA S.A. |
COLOMBIA |
817004766-5 |
|
No negative information found
|
PAID-UP CAPITAL |
Ps$ 8,418,090,000.00 Pesos |
|
LAST CAPITAL INCREASE |
December 2010 (Last known) |
|
PAYMENT HISTORY |
EP. A: PAYMENTS USUALLY PROMPT |
|
% CASH SALES/PAYMENT METHOD |
1% |
|
% CREDIT SALES/TERMS |
99%(Invoices at 30, 60, 120,150 days) |
|
TERRITORY OF SALES |
75% (Domestic market) |
|
% FOREIGN SALES |
25% |
|
% LOCAL PURCHASING |
35% |
|
% FOREIGN PURCHASING |
65% |
|
Subject imports from India, China, Germany, Italy,
Argentina, Singapore, Spain, Switzerland, USA, and Austria. Likewise, it
exports to Peru, Ecuador, Venezuela and all Central American countries. |
IMPORTS
|
|
|
YEAR |
2012 (January - December) |
|
AMOUNT |
US$ 19,836,087.33 |
|
COUNTRIES |
India, China, Germany, Austria, Argentina, Singapore, USA,
Spain, Switzerland, Brazil |
|
|
|
|
YEAR |
2011 |
|
AMOUNT |
US$ 32,463,245.38 |
|
COUNTRIES |
China, India, Germany, Switzerland, Singapore, Argentina,
Austria, Italy, Brazil, USA. |
|
|
|
|
YEAR |
2010 |
|
AMOUNT |
US$ 23,924,589.53 |
|
COUNTRIES |
India, China, Singapore, Austria, Mexico, Brazil, Germany,
Argentina, Switzerland, USA |
EXPORTS
|
|
|
YEAR |
2012 (January - December) |
|
AMOUNT |
US$ 47,940,594.25 |
|
COUNTRIES |
Ecuador, Venezuela, Peru, Costa Rica, Nicaragua, Panama,
El Salvador, Guatemala, Chile, Dominican Republic |
|
|
|
|
YEAR |
2011 |
|
AMOUNT |
US$ 41,956,483.12 |
|
COUNTRIES |
Ecuador, Venezuela, Peru, Costa Rica, Nicaragua, El
Salvador, Panama, Guatemala, Dominican Republic, Paraguay |
|
|
|
|
YEAR |
2010 |
|
AMOUNT |
US$ 27,624,105.91 |
|
COUNTRIES |
Ecuador, Peru, Costa Rica, Nicaragua, El Salvador,
Venezuela, Panama, Guatemala, Dominican Republic. Bolivia |
PAYMENTS
|
|
|
TRADE
REFERENCES |
|
|
TYPE OF SUPPLIER |
NATIONAL |
|
ACCOUNT OPENED |
Many years ago |
|
CREDIT FACILITIES |
No current operation limit |
|
MONTHLY AVERAGE |
Ps$550,000,000.00 Pesos |
|
DEADLINES |
Terms at 60 days |
|
PRODUCTS SOLD |
Plastic-pharmaceutical containers |
|
RATING |
PROMPT |
|
COMMENTS.- |
Ranked as good client Settled by wire transfers |
|
|
|
|
CREDIT FILES |
|
|
Other consulted suppliers did not provide information
about their clients as per confidentiality policies. |
|
LOCAL SUPPLIERS
|
||
|
Name |
Contact |
Telephone |
|
PROENFAR SA |
Mauricio Camargo |
(57-1) 364.8686 / 405.0606 |
|
ALIANZA GRAFICA SA |
|
(57-2) 489.8920 |
|
C.I. FARMACAPSULAS SA |
Jovanna Ojeda |
(57-5) 330.4100 |
|
ALUPACK LTDA. |
|
(57-1) 368.8000 |
FOREIGN SUPPLIERS
|
|||
|
Name |
Contact |
Telephone/fax |
Country |
|
AROINDU |
|
|
INDIA |
|
CHEMIBERICA SA |
|
|
SPAIN |
|
BASELUX SA |
|
|
SWITZERLAND |
|
DSM NUTRITIONAL PRODUCTS |
|
|
BELGIUM |
|
ALEMBIC LIMITED |
|
|
INDIA |
|
BILPARE |
|
|
INDIA |
|
CLOCKNER |
|
|
ARGENTINA |
|
FERSINSA |
|
|
MEXICO |
|
RELATED COMPANIES |
||
|
NAME |
TAX ID. NUMBER |
COUNTRY |
|
GENFAR CASA DE REPRESENTACIONES SA |
|
VENEZUELA |
|
GENFAR PERU SA |
20153275450 |
PERU |
|
GENFAR VENEZUELA E.M.A. S.A. |
J-29367227-9 |
VENEZUELA |
|
LABORATORIOS GENERICOS FARMACEUTICOS ECUATORIANOS SA |
0991458417001 |
ECUADOR |
|
FINANCIAL INFORMATION |
|
CONTENT.- |
|
During this investigation, we interviewed Mr. Jose Eduardo
Moreno (Accountant) who refused to provide any information on the subject as
per confidentiality policies. He declared that no information would be
provided unless the enquirer's name is disclosed. Therefore, this report has
been also elaborated with the information provided by outside sources. And in
accordance with such information, we herein include subject's General Balance
Sheets as of 31/12/2011 and 31/12/2010 (12 months each) both expressed in
Pesos; which figures read as follows: |
GENERAL BALANCE
SHEET
|
|||
|
Balance Date |
31/12/2011 |
31/12/2010 |
|
|
Currency |
Peso |
Peso |
|
|
Exchange Rate |
1,941.50 |
1,920.50 |
|
|
.Current Total |
143,070,819,000.00 |
126,132,875,000.00 |
13.43 |
|
.Net Fixed |
161,853,806,000.00 |
140,791,511,000.00 |
14.96 |
|
.Total Assets |
304,924,625,000.00 |
266,924,386,000.00 |
14.24 |
|
.Total Current Liabilities |
105,077,518,000.00 |
82,346,518,000.00 |
27.60 |
|
.Long Term Accounts |
55,125,898,000.00 |
52,576,840,000.00 |
4.85 |
|
Total Liabilities |
160,203,416,000.00 |
134,923,358,000.00 |
18.74 |
|
Total Equity |
144,721,209,000.00 |
132,001,028,000.00 |
9.64 |
|
Total Liabilities and Equity |
304,924,625,000.00 |
266,924,386,000.00 |
14.24 |
PROFIT AND LOSS
ACCOUNT
|
|||
|
Balance Date |
31/12/2011 |
31/12/2010 |
|
|
Currency |
Peso |
Peso |
|
|
Exchange Rate |
1,941.50 |
1,920.50 |
|
|
Net Sales |
260,347,512,000.00 |
218,536,987,000.00 |
19.13 |
|
Profit(loss) |
17,771,161,000.00 |
11,805,621,000.00 |
50.53 |
RATIOS FINANCIAL
|
|||
|
PERIOD |
2,011.00 |
2,010.00 |
0.00 |
|
.NET WORKING CAPITAL |
37,993,301,000.00 |
43,786,357,000.00 |
-0.13 |
|
.CREDIT RATING |
1.36 |
1.53 |
-0.11 |
|
.CONTENTS OF THE ACID TEST |
0.00 |
0.00 |
|
|
.INDEBTEDNESS |
1.90 |
1.98 |
-0.04 |
|
.LIABILITIES, CAPITAL |
0.00 |
0.00 |
|
|
.TOTAL ASSET TURNOVER |
0.85 |
0.82 |
0.04 |
|
.RETURN ON EQUITY |
0.00 |
0.00 |
|
|
.NET RETURN ON SALES |
0.00 |
0.00 |
|
FINANCIAL
COMMENTS.-
|
|||
|
Subject is an industrial company incorporated in 1997,
which registers no detrimentals regarding its commercial operations. COUNTRY
CONTEXT - COLOMBIA: The below Country comments were obtained from a highly
regarded public source that issues economic comments on all of World's
countries. Taxes: - Colombian income tax: 38.5% on the net profit-business:.
- Tax agreements with the Andean Community and Spain which allow residents in
this countries to have a special tax treatment. - Alphabetic currency code
for every country, established by the International Organization for
Standardization (ISO) 4217: Colombian Peso (COP) Main economic indicators: -
External debt: US $73.41 billion (31 December 2012 est.) - International
reserves: US$34.74 billion (31 December 2012 est.) - Inflation rate
forecasted: 3.2% (2012 est.) - GDP growth rate: 4.3% (2012 est.) - Annual GDP
per capita: US$10,700 (2012 est.) - GDP - composition by sector: agriculture:
6.8% industry: 38.1% services: 55.1% (2012 est.) - Labour force of 23.08
million people divided by: agriculture: 18% industry: 13% services: 68% -
Unemployment rate: 10.3% (2012 est.) Productive sectors: - Agriculture -
products: coffee, cut flowers, bananas, rice, tobacco, corn, sugarcane, cocoa
beans, oilseed, vegetables; shrimp; forest products - Industrial- products:
textiles, food processing, oil, clothing and footwear, beverages, chemicals,
cement; gold, coal, emeralds Foreign trade: - Exports: US$59.96 billion (2012
est.) country comparison to the world: 55 Exports - commodities: petroleum,
coal, emeralds, coffee, nickel, cut flowers, bananas, apparel Exports -
partners: US 42%, Netherlands 4.7%, China 4.2% (2011) - Imports: US$55.49
billion (2012 est.) country comparison to the world: 54 Imports -
commodities: industrial equipment, transportation equipment, consumer goods,
chemicals, paper products, fuels, electricity Imports - partners: US 29.2%,
China 11.9%, Mexico 11.5%, Brazil 5.3% (2011) Final brief: Commercial Country
Risk: MEDIUM Political Country Risk: LOW |
|||
|
RATE OF EXCHANGE |
US$1.00 = Ps$1900.00, as of report date |
|
LEGAL
ASPECTS |
|
|
LEGAL STATUS |
Stock Company |
|
INCORPORATION DATE |
17/12/1997 |
|
REGISTERED IN |
Bogota |
|
DURATION |
16/12/2047 |
|
NOTARY OFFICE |
6th Notary Office of Bogota |
|
REGISTRATION |
Registration No. 00011974, Book IX |
|
NET WORTH |
Ps$144,721,209,000.00 Pesos (as of 31/12/2011) |
|
TYPE OF SHARES |
Registered shares |
|
LISTED AT STOCK EXCHANGE |
NO |
|
SHARE VALUE |
Ps$ 1,000.00 Pesos |
|
BACKGROUND
(HISTORY).- |
|
|
Subject started in 1967, with the creation of LABORATORIOS
GENERICOS FARMACEUTICOS SA; company that later was absorbed by the subject
company. In 1997, subject was legally incorporated, been engaged in the
production and trade of pharmaceutical products for human and veterinary use
in the local and Latin American markets. In 2008, subject merged with
Laboratorios Genericos Farmaceuticos SA (Laboratorios Genfar SA), being this
last one dissolved without been liquidated. |
|
|
COMMENTS
ON LEGAL ASPECTS .- |
|
|
On 17/12/1997, by Public Deed No. 0007839, subject is
incorporated before the 6th Notary Office of Bogota. Then, on 19/12/1997, it
wasregistered in the Commercial Registry under Commercial Registration No.
00011974, Book IX On 03/01/2008, by Public Deed No. 0000004 and before the
73th Notary Office of Bogota, subject (surviving company) merged with
Laboratorios Genericos Farmaceuticos SA (Laboratorios Genfar SA), been
registered that in Commercial Registration No. 00023751, Book IX on
23/01/2008. On 17/12/1997, subject is registered in the Superintendence of
Companies of Bogota under Commercial Registration No. 00049488, File No.
28779 On 19/12/1997, it was registered in the Chamber of Commerce of Bogota
with Commercial Registration No. 49488 As a company which executes contracts
with public entities, since 06/10/2009, subject is registered in the Chamber
of Commerce of Bogota under Proposer Registration No. 1696. Subject has an
authorized capital of Ps$ 12,001,000,000.00 Pesos |
|
OPERATIONS
|
|
|
SECTOR |
1.-INDUSTRY |
|
ACTIVITY |
PHARMACEUTICAL PRODUCTS |
|
ISIC CATEGORY |
D-MANUFACTURING INDUSTRIES (ELABORATION, MANUFACTURING,
PRODUCTION, PUBLISHING, CASTING, CONSTRUCTION) |
|
ISIC CLASS |
2423-Manufacture of Pharmaceutical, Botanical Products and
Medicinal Substances |
|
MAIN ACTIVITY |
Subject is engaged in the manufacture and trade of
pharmaceutical products for human and veterinary use. |
|
N. OF EMPLOYEES |
1051 (on average) |
LOCATION
|
|
MAIN OFFICES, TAX DOMICILE and PLANT: Located at the
address shown in caption, in an industrial zone of the city with easy access
routes. Premise kept in good repair. BUSINESS PREMISES and PLANT: - Parque
Industrial Caucadesa Km.43 Via Panamericana Santander de Chilichao - Cauca.
Located in a commercial zone of the city with easy access routes. BRANCHES: -
Barranquilla: Carrera 54 # 72 - 142 Piso 9. Edificio Corpavi. Telephone
No.(57-95) 358.5976 - Medellín: Calle 43a 1 Sur 188 - Oficinas 502 Y 503 -
Torre Empresarial Bancafe - Avenida El Poblado. Telephone No.(57-4) 265.9011 |
COMMENTS OF
OPERATIONS.-
|
|
The subject conducts operations directly and through its
subsidiaries (South America) and its distributors (Central America). It has
been awarded the quality management system certification ISO 9001-200, as
well as the BASC certification for the compliance of the safety bylaws of the
Business Anti-Smuggling Coalition in the process of merchandise export. In
the local market, it has a client portfolio of 2,000 active clients. |
BANKERS / REFERENCE
|
||||
|
Bank Name |
Account Number |
Account Officer |
Telephone |
Country |
|
BANCOLOMBIA SA |
|
|
|
COLOMBIA |
|
BANCO COLPATRIA RED MULTIBANCA COLPATRIA SA |
|
|
|
COLOMBIA |
|
BANCO OCCIDENTE SA |
|
|
|
COLOMBIA |
|
BANCO SANTANDER COLOMBIA SA |
|
|
|
COLOMBIA |
|
BANCO POPULAR SA |
|
|
|
COLOMBIA |
|
BANCO SUDAMERIS COLOMBIA |
|
|
|
COLOMBIA |
|
BANK COMENTS |
||||
|
Consulted banks did not provide any information on their
clients as per bank secrecy. |
||||
|
COMMENT: Subject is an industrial company with 15 years in
business which operations seem to have been conducted normally. Besides, it
reports good working capital, good trade references and no detrimental. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.56.49 |
|
UK Pound |
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.73.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the
strongest capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for
credit transaction. It has above average (strong) capability for payment of
interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy.
General unfavourable factors will not cause fatal effect. Satisfactory
capability for payment of interest and principal sums |
Fairly
Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and
principal sums in default or expected to be in default upon maturity |
Limited
with full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be
exercised |
Credit
not recommended |
|
-- |
NB |
New
Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.